UK govt programme looks to connect global banks with British fintechs
The UK government has launched a global partnerships programme designed to help international financial institutions access British fintech.
Run through the Department for International Trade (DIT), the Leading Edge programme will focus on priority markets, beginning with Singapore, Australia and the US.
The UK fintech sector is estimated to be worth £11 billion in revenue in 2019 and now accounts for around eight per cent of total financial services output, making it a priority for the government as it seeks to champion strong sectors for the economy in a post-Brexit world.
Leading Edge promises to help create the right conditions for new partnerships and trade and investment opportunities, promoting the adoption of fintech, particularly of UK-grown efforts in areas such as RegTech, robotic process automation and AI.
Minister for Investment Gerry Grimstone says: “The digital adoption and transformation support offered by the UK’s leading firms will enable International Financial Institutions to remain not only competitive but also a viable part of the financial services sector of tomorrow.”
Taking advantage of this week’s Singapore FinTech festival, DIT has inked deals with three major banks on the island: DBS, OCBC and UOB.
Piyush Gupta, CEO DBS, says: “DBS is excited to work with Leading Edge, which offers us the opportunity to tap into the extensive range of capabilities of UK fintechs.
“This will further enhance our existing in-house programmes that not only engage, nurture and grow the startup community but through value exchange, create incremental value for our customers.”
The annual Finextra Fintech Outlook survey, developed in association with Smith & Williamson, seeks to gather the views and opinions of founders and senior management of the Fintech community in the UK with regards to business confidence, talent, tax, funding and the outlook for the future. Click here to participate.